HomeMy WebLinkAboutOrdinance 2600 I�k JL'U .
ORDINANCE NO , Oo �U u,� C �Cv1 Y ,4
t �; fR
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENE ..
OBLIGATION IMPROVEMENT BONDS FOR THE PURPOSE OF
FINANCING THE COST OF IMPROVEMENTS TO THE CITY
HOSPITAL ; LEVYING A TAX SUFFICIENT TO PAY THE
PRINCIPAL OF AND INTEREST ON THE BONDS ; PRESCRIBING
OTHER MATTERS RELATING THERETO ; AND DECLARING AN
EMERGENCY .
MICR ® FILMED
WHEREAS , the City of Fayetteville , Arkansas , is a city
of the first class ( the " City " ) ; and
WHEREAS , by Ordinance No . 2566 , duly passed by the Board
of Directors of the City , and approved on the 42 LJ' day of
1979 , there was submitted to the qualified electors of the City
the question of issuing , under Amendment No . 13 to the Constitution
of the State of Arkansas , General Obligation Improvement Bonds
in the principal amount of $ 1 , 376 , 000 ( the " bonds " ) for the purpose
of financing the cost of improvements to the City ' s Hospital ( the
" improvements " ) , paying necessary expenses incidental thereto and
paying the expenses of issuing the bonds ; and
WHEREAS , at a special election held November 6 , 1979 ,
a majority of the electors voting on the question approved the
issuance of the bonds ; and
WHEREAS , the results of the election were announced by
the Mayor by a Proclamation duly published in a newspaper of bona
fide circulation in the City ;
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors
of the City of Fayetteville , Arkansas :
Section 1 . That the improvements be accomplished .
Section 2 . That the sale of the bonds , as set forth below ,
be , and the same is hereby , approved and authorized .
Section 3 . That under the authority of the Constitution
and laws of the State of Arkansas , including particularly Amendment
No . 13 to the Constitution of the State of Arkansas , City of Fayette-
ville , Arkansas General Obligation Improvement Bonds are hereby
NC CFIIMED
DATE APR 3 1980
REEL
® 1u09 357
1 1 •
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authorized and ordered issued in the total principal amount of
$ 1 , 376 , 000 , the proceeds of the sale of which are necessary to
provide sufficient funds for accomplishing the improvements .
The bonds shall be dated January 1 , 1980 and shall mature on
January 1 in each of the years 1983 to 2002 , inclusive , as set
forth in the Notice of Sale , below . The bonds shall be sold for
the best bid obtainable , upon the terms and as set forth in the
Notice of Sale of substantially the form as follows :
® 1" 9 358
NOTICE OF SALE
$ 1 , 376 , 000
CITY OF FAYETTEVILLE , ARKANSAS
GENERAL OBLIGATION IMPROVEMENT BONDS _
DATED JANUARY 1 , 1980
The City of Fayetteville , Arkansas ( the " City " ) , gives
notice that there will be sold on sealed bids at
. m . , local time
1980
$ 1 , 376 , 000 City of 'Fayetteville , Arkansas General Obligation Improve-
ment Bonds ( the " bonds " ) being issued under Amendment No . 13 to the
Constitution of the State of Arkansas .
The bonds will be dated January 1 , 1980 . Interest will be
payable July 1 , 1980 and semiannually thereafter on January 1 and
July 1 of each year . The bonds will mature - on January 1 of each
year as follows ( but shall be subject to redemption prior to maturity
as hereinafter set forth ) :
YEAR AMOUNT
1983 $ 36 , 000
1984 40 , 000
1985 40 , 000
1986 45 , 000
1987 45 , 000
1988 50 , 000
1989 55 , 000
1990 55 , 000
1991 60 , 000
1992 65 , 000
1993 65 , 000
1994 70 , 000
1995 75 , 000
1996 801000
1997 85 , 000
1998 90 , 000
1999 95 , 000
2000 100 , 000
2001 110 , 000
2002 115 , 000
Issuance of the bonds was approved by the electors of the
City at a special election . The bonds are being issued for the pur -
pose of financing the cost to the City of constructing improvements
to the City ' s Hospital .
X1;09 359
The bonds are general obligations of the City , and the
City pledges to the payment of the bonds its full faith , credit and
taxing power , including particularly collections of a continuing
annual special tax of two mills ( the " special tax " ) on the assessed
valuation of all the taxable real and personal property located in
the City .
The bonds will be subject to redemption prior to maturity
(mandatory from surplus tax collections ( defined below ) and optional
from other sources ) in inverse numerical order at a price of par
and accrued interest as follows :
( 1 ) From surplus collections of the special tax on any
interest payment date ;
( 2 ) From funds from any source on any interest payment
date on and after January 1 , 1985 .
The amount of the interest payments ( due July 1 , 1980 ,
January 1 , 1981 and July 1 , 1981 ) will be provided for from the pro -
ceeds of the sale of the bonds . The City reserves the right to reim-
burse the bond proceeds in that amount from the first available col -
lections of the special tax .
The City will covenant that , subject to the conditions set
forth below , surplus tax collections , being collections from the
special tax in excess of the amount necessary to insure the prompt
payment of the principal of , interest on , and trustee ' s and paying
agent ' s fees in connection with the bonds as the same become due , must
be used from time to time on each interest payment date , as and to
the extent available , to redeem outstanding bonds prior to maturity .
There will be such mandatory redemption to the extent that the total
interest cost to the City for the period of the projected payout on
the basis of the mandatory call does not exceed the interest cost
® 1J39 360
that would result from an interest rate of 6 % per annum for the
period of the projected payout on the money received by the City .
In determining the extent of such mandatory redemption , it will be
assumed ( 1 ) that collections of the special tax will be at the rate
of 100 % , ( 2 ) that the same ( 1979 ) assessed valuation will continue
and ( 3 ) that the principal added by the conversion constitutes in-
terest . Redemption on interest payment dates from surplus tax collec-
tions in excess of such mandatory redemption will be optional . Under
the law , however , all collections of the special tax must be used for
payment of debt service on the bonds at maturity or redemption prior
to maturity and can be used for no other purpose .
Supplemental and dual coupons will not be permitted , but
the purchaser shall have the privilege of converting the bonds to
an issue bearing a lower rate or rates of interest , with any conver-
sion to be upon such terms that the City receive no less and pay no
more than it would receive and pay if the bonds were not converted ,
to be ' subject to the approval of the City ' s Board of Directors , and
to be subject to the following conditions :
1 . Any conversion shall be in accordance with
the Universal Bond Values Tables ;
2 . The average maturities may not be shortened
by more than six months ;
3 . The difference between the highest rate of
interest and the lowest rate of interest in
the converted schedule may not exceed 1 % ;
4 . The difference between the rate bid and the
lowest rate of interest in the converted
schedule may not exceed 1 % ; and
5 . All bonds maturing on the same date shall
bear the same rate of interest .
Each bidder shall specify one rate of interest . No bid
of less than par plus accrued interest will be entertained . The
award , if made , will be to the bidder whose bid results in the
lowest net interest cost to the City , determined by computing the
total interest at the rate bid from the date of the bonds to maturity
and deducting therefrom the amount of any premium bid .
The purchaser may name the Trustee and Paying Agent for
the bonds . All expenses of the issue , including the Trustee ' s authen-
tication fee , printing of the bonds and the fee of Friday , Eldredge —
& Clark , Bond Counsel , will be paid by the City .
No contingent provisions may be included in the bids , and
the City reserves the right to reject any and all bids .
Sealed bids will be received until the date and time speci -
fied above . All bids will be opened on that date and at that time
in the Board of Directors Chambers , City Hall , Fayetteville , Arkansas
72442 . All bids must be enclosed in a sealed envelope addressed to
the Mayor of the City and plainly marked on the outside " Proposal
for $ 1 , 376 , 000 City of Fayetteville , Arkansas General Obligation
Improvement Bonds , dated January 1 , 1980 . " There must be enclosed
with each bid a certified or cashier ' s check in the amount of $ 27 , 520
payable to the City to be kept as liquidated damages if the bidder
is awarded the sale of the bonds and fails to complete the purchase .
Checks of unsuccessful bidders will be promptly returned , but the
City will not pay interest on good faith checks .
All bids must be on the Official Bid Form . The bonds will
be delivered to the purchaser within sixty ( 60 ) days from the date
of the sale . Delivery shall be at any location in the State of
Arkansas , selected by the purchaser , or , at the expense of the pur-
chaser , at another location selected by the purchaser .
Additional information , copies of the Official Statement
and of the Official Bid Forms may be obtained from the undersigned
or Bond Counsel .
GIVEN this day of 1980 .
CITY OF FAYETTEVILLE , ARKANSAS
By /s/ Scott C . Linebau h
Mayor
INSTRUCTIONS : Publish once a week for three consecutive weeks in a
local newspaper with the first publication to be at least twenty ( 20 )
days prior to the date of sale . Please send a copy of the first pub-
lication to Friday , Eldredge & Clark , The First National Building ,
Twentieth Floor , Little Rock , Arkansas 72201 , and furnish three
proofs of publication after the required three publications .
® � Joy
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The Mayor is authorized to publish the Notice of Sale
and to execute such writings and take such action as shall be inci -
dental or appropriate to the sale of the bonds and the implementa -
tion of the powers and the accomplishment of the purposes hereof .
The successful bidder for the bonds may , subject to approval of the
City , name the Trustee and Paying Agent for the bonds , and the Board
of Directors will adopt a resolution approving the Trustee and
Paying Agent and the details of the bonds as they are being issued ,
such as the purchase price , rates of interest , denomination , bond
numbers , and annual and semiannual principal and interest requirements.
Section 4 . That the bonds shall be executed on behalf
of the City by the Mayor and City Clerk (with the facsimile
signature of the Mayor and the manual signature of the City
Clerk ) and shall have impressed thereon the seal of the City .
Interest coupons shall be executed by the facsimile signature of
the Mayor . The facsimile signature of the Mayor on the bonds and
coupons shall have the same force and effect as if he had personally
signed each of the bonds and coupons ,
Section 5 . That the bonds and coupons shall be in
substantially the following form :
® 1lu33 363
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF WASHINGTON
CITY OF FAYETTEVILLE
% GENERAL OBLIGATION IMPROVEMENT BOND
No .
KNOW ALL MEN BY THESE PRESENTS :
That the City of Fayetteville , Washington County , Arkansas
( the " City " ) , acknowledges itself to owe and for value received
promises to pay to bearer , or if this bond be registered , to the
registered owner hereof , the sum of
DOLLARS
in lawful money of the United States of America on the first day
of January , , and to pay interest hereon at the rate of
percent ( % ) per annum from date
until paid . Interest is payable semiannually on January 1 and July 1
of each year , commencing July 1 , 1980 . Payment of principal ,
and payment of interest when evidenced by coupons , shall be made
upon presentation of the bonds and coupons at the principal
office of ( the
" Trustee " and " Paying Agent " ) . Payment of interest when registered
as to interest shall be by check or draft mailed to the registered
owner at his address reflected on the registration book of the
City maintained by the Trustee as Bond Registrar .
This is one of an issue of bonds , aggregating
$ dated Janaury 1 , 1980 , and numbered from 1 to ,
inclusive , all of like tenor and effect except as to number ,
denomination , rate of interest , maturity and right of prior redemp-
tion . The bonds are issued for the purpose of financing the
cost of the construction of improvements to the City ' s Hospital ,
paying necessary expenses incidental thereto and paying the expenses
of issuing the bonds .
® 1003 364
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The bonds are issued pursuant to and in full compliance
with the Constitution and laws of the State of Arkansas , particularly
Amendment No . 13 to the Constitution of the State of Arkansas , and _
pursuant to Ordinance No , of the City , passed and approved on
the day of , 1980 ( the "Authorizing Ordinance " ) ,
and an election duly held at which the majority of the legal voters
of the City voting on the question voted in favor of the issuance
of the bonds . Reference is hereby made to the Authorizing Ordinance
for the details of the nature and extent of the security and of the
rights and obligations of the City and the holders and registered
owners of the bonds . The bonds are general obligations of the
City , payable from the proceeds of a continuing annual two mill
special tax ( the " special tax " ) levied by the City under the authority
of Amendment No . 13 to the Constitution of the State of Arkansas ,
and the City hereby pledges its full faith , credit and taxing
power , including the special tax , for the payment of this bond .
The bonds are subject to redemption prior to maturity
(mandatory from surplus tax collections ( defined below ) and optional
from other sources ) in inverse numerical order at a price of par
and accrued interest as follows :
( 1 ) From surplus collections of the special tax on any
interest payment date ;
( 2 ) From funds from any source on any interest payment
date on and after January 1 , 1985 .
The amount of the interest payments ( due July 1 , 1980 ,
January 1 , 1981 and July 1 , 1981 ) will be provided for from the pro -
ceeds of the sale of the bonds . The City reserves the right to reim-
burse the bond proceeds in that amount from the first available col-
lections of the special tax .
The City covenants that , subject to the conditions set
forth below , surplus tax collections , being collections from the
special tax in excess of the amount necessary to insure the prompt
® IOC3 365
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payment of the principal of , interest on , and trustee ' s and paying
agent ' s fees in connection with the bonds as the same become due , must
be used from time to time on each interest payment date , as and to
the extent available , to redeem outstanding bonds prior to maturity .
There will be such mandatory redemption to the extent that the total
interest cost to the City for the period of the projected payout on
the basis of the mandatory call does not exceed the interest cost
that would result from an interest rate of 6 % per annum for the
period of the projected payout on the money received by the City .
In determining the extent of such mandatory redemption , it will be
assumed ( 1 ) that collections of the special tax will be at the rate
of 1000 , ( 2 ) that the same ( 1979 ) assessed valuation will continue
and ( 3 ) that the principal added by the conversion constitutes in-
terest . Redemption on interest payment dates from surplus tax collec -
tions in excess of such mandatory redemption will be optional . Under
the law , however , all collections of the special tax must be used for
payment of debt service on the bonds at maturity or redemption prior
to maturity and can be used for no other purpose .
Notice . of the call for redemption shall be published one
time in a newspaper published in the City of Little Rock , Arkansas ,
and having a general circulation throughout the State of Arkansas ,
giving the number and maturity of each bond being called , the publi -
cation to be at least fifteen ( 15 ) days prior to the redemption
date , and after the date fixed for redemption each bond so called
shall cease to bear interest , provided funds for its payment are on
deposit with the Paying Agent at that time . In addition , notice by
registered or certified mail shall be mailed , fifteen ( 15 ) days
prior to the redemption date , to the registered owner of each bond
registered as to principal at the address of such owner reflected on
the bond registration book of the Bond Registrar , and if all outstanding
bonds shall be registered as to principal , notice by registered or
certified mail to the registered owners thereof shall be sufficient ,
and it shall not be necessary to publish notice of the call .
� 1OCO 366
This bond may be registered as to principal or as to
principal and interest and may be discharged from such registration
in the manner , with the effect and subject to the terms and conditions
endorsed hereon . Subject to the provisions for registration endorsed
hereon , nothing contained in this bond or in the Authorizing Ordinance
shall affect or impair the negotiability of this bond and this bond
shall be deemed a negotiable instrument under the laws of the State
of Arkansas and is issued with the intent that the laws of the State
of Arkansas will govern its construction .
IT IS HEREBY CERTIFIED , RECITED AND DECLARED that all
acts , conditions and things required to exist , happen and be performed ,
under the Constitution and laws of the State of Arkansas , particularly
Amendment No . 13 to the Constitution of the State of Arkansas ,
precedent to and in the issuance of this bond have existed , have
happened and have been performed in ' due time , form and manner as
required by law ; that the indebtedness represented by this bond and
the issue of which it forms a part does not exceed any constitu-
tional or statutory limitation ; and that a tax sufficient to pay the
bonds and interest thereon has been duly levied in accordance with
Amendment No . 13 to the Constitution of the State of Arkansas and
made payable annually until all of the bonds and interest thereon
have been fully paid and discharged .
This bond shall not be valid until it shall have been
authenticated by the Certificate hereon duly signed by the Trustee .
IN WITNESS WHEREOF , the City of Fayetteville , Arkansas ,
has caused this bond to be executed in its name by the facsimile
signature of the Mayor , the manual signature of the City Clerk and
its corporate seal to be affixed and has caused the coupons hereto
attached to be executed by the facsimile signature of its Mayor , all
as of the first day of January , 1980 .
CITY OF FAYETTEVILLE , ARKANSAS
ATTEST :
By ( facsimile signature )
Mayor
City Clerk
( SEAL )
�sa� 69 367
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( form of coupon )
No . $
On the first day of ( January ) ( July ) , 19_ , the City of —
Fayetteville , Washington County , Arkansas , unless the bond to which
this coupon is attached is paid prior thereto , hereby promises to
pay to bearer
DOLLARS
in lawful money of the United States of America at the principal
office of , being six
( 6 ) months interest then due on its General Obligation Improvement
Bond , dated January 1 , 1980 , and numbered
CITY OF FAYETTEVILLE , ARKANSAS
By ( facsimile signature )
Mayor
On each bond shall appear the following :
CERTIFICATE
This is to certify that this is one of the City of
Fayetteville , Arkansas General Obligation Improvement Bonds , dated
January 1 , 1980 , mentioned and described within .
TRUSTEE
By
Authorized Signature
PROVISIONS FOR REGISTRATION AND RECONVERSION
This Bond may be registered as to principal alone on books
of the City, kept by the Trustee as bond registrar, upon presentation -
hereof to the bond registrar, which shall make mention of such regis-
tration in the registration blank below, and this Bond may thereafter
be transferred only upon an assignment duly executed by the registered
owner or his attorney or legal representative in such form as shall
be satisfactory to the bond registrar, such transfer to be made on
such books and endorsed hereon by the bond registrar. Such transfer
may be to bearer, and thereafter transferability by delivery shall
be restored, but this Bond shall again be subject to successive reg-
istrations and transfers as before. The principal of this Bond, if
registered, unless registered to bearer, shall be payable only to or
upon the order of the registered owner or his legal representative.
Interest accruing on this Bond will be paid only on presentation and
surrender of the attached interest coupons as they respectively become
due, and notwithstanding the registration of this Bond as to principal,
the appurtenant interest coupons shall remain payable to bearer and
shall continue to be transferable by delivery; provided, that if upon
registration of this Bond, or at any time thereafter while this Bond
is registered in the name of the owner, the unmatured coupons attached
evidencing interest to be thereafter paid hereon shall be surrendered
to said bond registrar, a statement to that effect will be endorsed
hereon by the bond registrar and thereafter interest evidenced by
such surrendered coupons may be paid by check or draft of the bond
registrar at the times provided herein to the registered owner of
this Bond by mail to the address shown on the registration books.
This Bond when so converted into a bond registered as to both principal
and interest may be reconverted into a coupon bond at the written re-
quest of the registered owner and upon presentation at the office of
said bond registrar. Upon such reconversion the coupons representing
the interest to become due thereafter to the date of maturity will
again be attached to this Bond and a statement will be endorsed hereon
by the bond registrar in the registration blank below whether it is
then registered as to principal or payable to bearer.
®13Q9 369
: Manner of : Signature of -
Date of Registration: Name of Registered Owner:Registration:Bond Registrar
:
• • :
•
•
.
•
.
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Section 6. That in order to pay the bonds as they mature,
with interest thereon, there is hereby levied upon all taxable real
and personal property within the City a continuing annual special
tax of two mills (the "special tax") on each dollar of assessed
valuation to be collected annually as long as may be necessary to
pay the principal of, interest on and Trustee's and Paying Agent's
fees in connection with the bonds. The City Clerk is directed to
transmit a copy of this Ordinance to the County Clerk of Washington
County, Arkansas, to the end that the special tax may be extended on
the tax books of the County and collected annually along with the
other taxes until the bonds and interest thereon are paid in full or
until adequate provision is made for their payment. The City covenants
and agrees that all of the revenues from the special tax shall be
placed in a separate fund, which is hereby created and designated
"1980 General Obligation Improvement Bond Fund" (the "Bond Fund"),
in a bank or banks designated from time to time by the City holding
membership in the Federal Deposit Insurance Corporation and used
solely for the payment of the principal of, interest on and Trustee's
and Paying Agent's fees in connection with the bonds. The amount of
the deposit in excess of that insured by the Federal Deposit Insurance
Corporation must be continuously secured by bonds or other direct or
fully guaranteed obligations of the United States of America, except
that moneys invested as hereinafter provided need not be so secured.
Moneys in the Bond Fund may be invested in direct obligations of, or
obligations the principal of and interest on which are guaranteed
by, the United States of America, which mature or are subject to
redemption at the option of the holder at or prior to the date the
moneys will be needed to meet debt service requirements on the
bonds. All such investments shall be considered a part of the Bond
Fund from which made and all earnings and profits credited to, and
I�10G9 371
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all losses charged against, such fund. The City covenants that all
revenues derived from the special tax in excess of the amount necessary
to insure the prompt payment of the principal of, interest on and
Trustee's and Paying Agent's fees in connection with the bonds as
they mature will be used from time to time on each interest payment
date, as and to the extent available, for the redemption of bonds
prior to maturity, as set forth in Sections 3 and 4 hereof.
Section 7. That for the prompt
payment
of the
bonds, with
interest, the City hereby pledges its full
faith,
credit
and taxing
power, including the special tax levied in
Section
6 of
this Ordinance.
Section 8. That in order to pay the principal of and
interest on the bonds as they mature and as they are redeemed prior
to maturity, there are hereby appropriated the entire proceeds of
the special tax levied in Section 6 hereof, and if the proceeds be
not sufficient to pay the principal of and interest on the bonds as
they mature, then there are hereby appropriated sufficient additional
funds out of the general revenues of the City to accomplish the
payment at maturity.
Section 9. That the bonds shall be callable for payment
prior to maturity in accordance with the terms set out in the bond
form in Section 5 of this Ordinance.
Section 10. That the Treasurer of the City is hereby
ordered and directed to place on deposit with the Paying Agent, at
least two (2) days before the maturity date of any bond or interest
coupon issued hereunder, an amount from the funds herein appropriated
equal to the amount of such bonds or coupons, for the sole purpose
of paying the same, together with the customary Paying Agent's fee.
This instruction to the Treasurer is irrevocable and may be enforced
by mandamus.
1909 372
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Section 11. (a) That if there be any default in the
payment of the principal of and interest on any of the bonds, or if
the City defaults in any Bond Fund requirement or in the performance
of any other covenant contained in this Ordinance, the Trustee may,
and upon the written request of the holders of not less than ten
percent (10%) in principal amount of the bonds then outstanding
shall, by proper suit compel the performance of the duties of the
officials of the City under the Constitution and laws of the State
of Arkansas and under this Ordinance and protect and enforce the
rights of the bondholders by acceleration, instituting appropriate
proceedings in law or equity or other action deemed necessary or
desirable by the Trustee.
(b) No holder of any bond shall have any right to institute
any suit, action, mandamus or other proceeding in equity or at law
for the protection or enforcement of any right under this Ordinance
or under the Constitution and laws of the State of Arkansas unless
such holder previously shall have given to the Trustee written
notice of the default on account of which such suit, action or
proceeding is to be taken, and unless the holders of not less than
ten percent (10%) in principal amount of the bonds then outstanding
shall have made written request of the Trustee after the right to
exercise such powers or right of action, as the case may be, shall
have accrued, and shall have afforded the Trustee a reasonable
opportunity either to proceed to exercise the powers herein granted
or granted by the Constitution and laws of the State of Arkansas, or
to institute such action, suit or proceeding in its name, and unless,
also, there shall have been offered to the Trustee reasonable security
and indemnity against the cost, expenses and liabilities to be
incurred thereon or thereby and the Trustee shall have refused or
neglected to comply with such request within a reasonable time, and
such notification, request and offer of indemnity are hereby declared
®LOUD 373
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in every such case, at the option of the Trustee, to be conditions
precedent to the execution of the powers and trust of this Ordinance
or to any other remedy hereunder. It is understood and intended
that no one or more holders of the bonds hereby secured shall have
any right in any manner whatever by his or their action to affect,
disturb or prejudice the security of this Ordinance, or to enforce
any right hereunder except in the manner herein provided, that all
proceedings at law or in equity shall be instituted, had and maintained
in the manner herein provided and for the benefit of all holders of
the outstanding bonds and coupons, and that any individual rights of
action or other right given to one or more of such holders by law
are restricted by this Ordinance to the rights and remedies herein
provided.
(c) All rights of action under this Ordinance or under
any of the bonds secured hereby, enforceable by
enforced by it without the possession of any of
appertaining thereto, and any such suit, action
by the Trustee shall be brought in its name and
all the holders of the bonds and coupons, subje
of this Ordinance.
the Trustee, may be
the bonds or coupons
or proceeding instituted
for the benefit of
ct to the provisions
(d) No remedy herein conferred upon or reserved to the
Trustee or to the holders of the bonds is intended to be exclusive
of any other remedy or remedies herein provided, and each and every
such remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or given by any law or by the Constitution
of the State of Arkansas.
(e) No delay or omission of the Trustee or of any holders
of the bonds to exercise any right or power accrued upon any default
shall impair any such right or power or shall be construed to be a
waiver of any such default or an acquiescence therein, and every
power and remedy given by this Ordinance to the Trustee and to the
holders of the bonds, respectively, may be exercised from time to
time and as often as may be deemed expedient.
®1G99 374
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(f) The Trustee may, and upon the written request of the
holders of not less than ten percent (10%) in principal amount of
the bonds then outstanding may, waive any default which shall have
been remedied before the entry of final judgment or decree in any
suit, action or proceeding instituted under the provisions of this
Ordinance or before the completion of the enforcement of any other
remedy, but no such waiver shall extend to or affect any other
existing or any subsequent default or defaults or impair any rights
or remedies consequent thereon.
Section 12. That when the bonds herein authorized to be
executed have been executed by the Mayor and City Clerk and the seal
of the City impressed as herein provided, they shall be delivered to
the Trustee, which shall authenticate them and deliver them to the
purchasers upon payment in cash of the purchase price plus accrued
interest from January 1, 1980 ("total sale proceeds"). The amount
necessary to provide for the payment of interest on the bonds until
collections of the special tax are available shall be deposited
in the Bond Fund, the City expressly reserving the right to reimburse
the Construction Fund (hereinafter identified) from the Bond Fund
in the amount of such deposit.
The balance of the total sale proceeds shall be deposited
in a special account of the City hereby created and designated the
"Construction Fund" in a bank that is a member of the Federal Deposit
Insurance Corporation. The moneys in the Construction Fund shall be
used for accomplishing the improvements, paying expenses incidental
thereto and paying the expenses of issuing the bonds, with any
unexpended balance to be deposited in the Bond Fund.
Moneys on deposit in the Construction Fund in excess of
the amount insured by the Federal Deposit Insurance Corporation must
be continuously secured by bonds or other direct or fully guaranteed
obligations of the United States of America; provided, however,
a1009 375
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moneys in the Construction Fund that are invested as hereinafter
provided need not be so secured. Moneys in the Construction Fund
may be invested in direct obligations of, or obligations the principal_
of and interest on which are guaranteed by, the United States of
America, or in bank certificates of deposit, having maturity dates,
or subject to redemption at the option of the holder, not later than
the date or dates on which the moneys will be needed for accomplishing
the improvements.
Section 13. That the Trustee shall only be responsible
for the exercise of good faith and reasonable prudence in the execution
of its trust. The recitals in this Ordinance and in the face of the
bonds are the recitals of the City and not of the Trustee. The
Trustee shall not be required to take any action as Trustee unless
it shall have been requested to do so in writing by the holders of
not less than ten percent (10%) in principal amount of the bonds
then outstanding and shall have been offered reasonable security and
indemnity against the costs, expenses and liabilities to be incurred
therein or thereby. The Trustee may resign at any time by ten (10)
days notice in writing to the City Clerk, and the majority in principal
amount of the holders of the outstanding bonds at any time, with or
without cause, may remove the Trustee. In the event of a vacancy in
the office of Trustee, either by resignation or by removal, the
majority in principal amount of the holders of the outstanding bonds
may appoint a new Trustee, such appointment to be evidenced by a
written instrument or instruments filed with the City Clerk. If the
majority in principal amount of the holders of the outstanding bonds
shall fail to fill a vacancy within thirty (30) days after the same
shall occur, then the City shall forthwith designate a new Trustee
by a written instrument filed in the office of the City Clerk. The
original Trustee and any successor Trustee shall file a written
acceptance and agreement to execute the trusts imposed upon it or
them by this Ordinance, but only upon the terms and conditions set
forth in this Ordinance and subject to the provisions of this Ordinance,
®'iU� 316
-21 -
to all of which the respective holders of the bonds agree. Such
written acceptance shall be filed with the City Clerk and a copy
thereof shall be placed in the bond transcript. Any successor
Trustee shall also become the Paying Agent and shall have all the
powers herein granted to the original Trustee and Paying Agent.
Section 14. (a) That the terms of this Ordinance shall
constitute a contract between the City and the holders and registered
owners of the bonds and no variation or change in the undertaking
herein set forth shall be made while any of these bonds are outstanding,
except as hereinafter set forth in subsection (b), and the holder or
registered owner of any bonds may at any time for and on his own
behalf or for and on behalf of all bondholders enforce the obli-
gations of the City by a proper suit for that purpose.
(b) Subject to the terms and provisions contained in this
Section and not otherwise, the holders and registered owners of not
less than seventyfive percent (75%) in aggregate principal amount of
the bonds then outstanding shall have the right, from time to time,
anything contained in this Ordinance to the contrary notwithstanding,
to consent to and approve the adoption by the City of such ordinance
supplemental hereto as shall be necessary or desirable for the
purpose of modifying, altering, amending, adding to or rescinding,
in any particular, any of the terms or provisions contained in this
Ordinance or in any supplemental ordinance; provided, however, that
nothing herein contained shall permit or be construed as permitting
(a) an extension of the maturity of the principal of or the interest
on any bond issued hereunder, or (b) a reduction in the principal
amount of any bond or the rate of interest thereon, or (c) the
creation of a pledge of special tax revenues other than the pledge
created by this Ordinance, or (d) a privilege or priority of any
bond or bonds over any other bond or bonds, or (e) a reduction in
the aggregate principal amount of the bonds required for consent to
suchsupplemental ordinance.
®iflo9 377
-22 -
Section 15. That the City covenants that it shall not
take any action or suffer or permit any action to be taken or con-
dition to exist which causes or may cause the interest payable on
the bonds to be subject to federal income taxation. Without limiting
the generality of the foregoing, the City covenants that the proceeds
of the bonds will not be used directly or indirectly in such manner
as to cause the bonds to be treated as "arbitrage bonds" within the
meaning of Section 103 (c) of the Internal Revenue Code of 1954, as
amended.
Section 16. That the provisions of this Ordinance are
separable and in the event that any section or part hereof shall be
held to be invalid, such invalidity shall not affect the remainder
of this Ordinance.
Section 17. That all ordinances and resolutions and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict.
Section 18. That this Ordinance shall not create any
right of any character and no right of any character shall arise
under or pursuant to it until the bonds authorized by this Ordinance
shall be issued and delivered.
Section 19. That is is hereby ascertained and declared
that the improvements to be financed by the bonds authorized hereby
are immediately needed if the City's Hospital is to meet the medical
and nursing needs of the inhabitants of the City. The improvements
cannot be made without the issuance of these bonds, and, therefore,
it is declared that an emergency exists and this Ordinance being
necessary for the preservation of the public peace, health and
safety shall be in force and take effect immediately upon and after
its passage.
PASSED: , 1980.
APPROVED:
Tod
Mayor
zi/
!
'yam
:(SEAL)
'I
�'r:� 378
CERTIFICATE
STATE OF ARKANSAS
COUNTY OF WASHINGTON
The undersigned, City Clerk of the City of Fayetteville,
Arkansas, hereby certifies that the foregoing pages, numbered 1 to
22, inclusive, are a true and correct copy of Ordinance No. _ olrp
of the City, adopted at a session of the Board of
Directors of the City of Fayet eville, held at the regular meeting
place of the Board in the City at 9 'W .m on the
day of , 1980, and that the Ordinance is of record
in Ordinance Record Book No. Viii at Page IID , now in my
possession.
GIVEN under my hand and seal this day of 9? 1LLOJt
1980.
FAYET.F'
(SEAL)• 1.
•
Luu•-
CERTIFICATE OF RECORD
STATE OF ARKANSAS
SS.
Washington County
I, Alma L. Kollmeyer, Circuit Clerk and Ex -Officio Recorder for
Washington County, do hereby cer.iry� that the annexed or fore-
;oing ins�t-r•�u�neat as filed :or r/eaa.Ym my office on the -day
It � - 19 !aL/_o Iockf M, and the same is
July recorded in -C2 record 'cy at page,j
rvnness ❑,y hand and seal thi day of t a 79.E
Circuit Clerk and
Ex-�0r-"icio Recorded
By t
Deoutv Clerk
CERTIFICATE OF RECORD
State of Arkansas
City of Fayetteville ( SS
I. Suzanne C. Kennedy, City Clerk and
E ;-Ofr"icio recorder for the City of Fayetteville,
do ' reby certify that the annexed or f-;,_
gri:fft is of record in my office and the sr:' >.
peurs in Ordinance & Resolution ho,,.:
—V—L�1—at page l :;'a,:
hand and seal this Y
itY Clerk st.d •. -_-T. t••. '"3�'X:
®l -3G3 379
L OF AND INTEREST ON THE
JS: PRESCRIBING OTHER
FERS RELATING THERETO;
' DECLARING AN
RGENCY.
EREAS, the City of Fayyeetttevile,
sea. a city of the fort class
'City"1:snd
EREAS, by Ordinance No. Dab,
yawed by the Beard of Democrats
City, and approved an the and
d October. In, there was sub -
I to the qualified electors of the
the quandaries of issuing, under
distant No. 1110 the Constitution
e Sate of Arkansas. General
scion Improvement Bonds in the
pal amount of $t.376.tw0 (the
ts") far the purpose of financing
at of improvements to the City's
Cal (the "improvements"),
9 nenaary expenses incidental
o and paying the eapensea of
9 the bonds; and
EREAS. at a special election
Investiture s, IPA, a majority of
sectors voting on the question
red the Issuance of the bonds:
EREAS, the results of the
in were announced by the Mayor
'rocamatian duly published In a
caper of hens lice circulation in
Y THEREFORE, BE IT OR•
rte by the Board of Domain of
ty of Fayetteville. Arkansas:
m 1. That the improvements be
ion 3. That under this
• Constitution and t
of Arkansas, inclu
'ly Amendment No.
tutkn of the State Of
same
par -
the
authorized and ordered issued
total principal amount of
M. the proceeds of the sale of
are necessary to provide so[.
funds for accomplishing the
(mats. The bonds shall be
January I,1960andshan mature
nary I in each of the years I9e3
!, inclusive, as set forth In the
of Sale, below. The bonds shall
I for the best bid obtainable,
re terms and as set forth In the
of Sale ofsubsantially the form
NOTICE OF SALE
"all.,"
CRYOF
YETTEVILLE. ARKANSAS
;ENERALOBLIGATION
IMPROVEMENT BONDS
Cof FJANUARY 1.1Ar0 nT
City d Fayeteve, Arkansas
icy"), gives notice that there
sod on sealed bads at
lair+T ran., local time `:
000 City of Pville,`
as Geneut Obligation Im.
sent Bonds (the nt tut 13 being
Amendment Nil l3 to the
cation d the be
MJanuaryry Arkaa
ands willbe Janry 1,
iterest will be payable July 1,
id semiannually thereafter an
7 1andJdy 1derchyesr.The
'all mature m Jamary I of each
follows (but shall bewbject to
,Lion prior to maturity as
m Raat forth)::
I....... n...... AMOUNT
9 50.0110
'r „ 50,000
i 51,000
+y . Hon
ThwJ
O000
!0.000
90.000
96,000
100,000
110,0%
115rov
tee the
e bonds was approved
lean of the City at el
The
bonds an be ag ss issued
uof fpae of financing improvements
p the east to
coo Hospital,
improvefinents
ty's Noaial.
midi are general oblijatkrn d
•, and the City pledges to the
.t of the bad, Its full faith,
'rid taxing paler, Including
srly collection of. continuing j
:pedal tax of two (the `c'
tax") asson the ruaaed
n of an the taxabletaxablereal andsi
properly tented in the City.
ands will be subject to ie
an prior to maturity (eans .
'rte surplus tax collecBiat ,
below) options) from •.;.
urcal In inverse numerksl v,,,
a priced par and accrued --,1
is follows: ,:Q'4,'. r•*
All surplus collecllnns ellis. fY ax on any interest paymentaa
r,m fund, from a
eat Daymeatdat
tax collect
a from tia'.a
• the amount
o Warta pr:
d, interest o0.
'R agent's fees
ho contingent provisions may be
included h the bids„ and the City
reams the right to reject any and all
bids.
Scaled bids will be received until the
date and time specified above. An bids
will Isd opened on that date and at that
time In the Board of Directors
Chambers, City Hall, Fayetteville,
Arkansas 72701. All bids must be en-
closed in a sealed envelope addressed
to the Mayor Of the City and plainly
marked on the outside 'Proposal for
$1.376,0% City of Fayetteville,
Arkansas General Obligation Im.
provement Bonds, dated January 1,
There must be enclosed with
each bid a certified as cashiers check
in the amount of $V,5 payable to the
City to be kept as liquidated damages
if the bidder is awarded the saleof the
bonds and fails to complete the par.
chase. Checks of unsuccessful bidden
will bepromptly returned, but the City
will not PAY interest an good faith
checks.
All bids most be on the Official Bid
Forth. The bonds will be delivered to ,
the purchaser within silty 160) days
from the date of the sale. Delivery
shall beat any location in the Sale of
Arkansas. selected by the purchaser,
or, at the expense of the purchaser, at
another location selected by the
purchaser.
Additional information, copies of the
Official Statement and of the Official
Bid Forma may be obtained from the
undersigned or Bond Counsel.
GIVEN this day
of ,1980.
CITYOF
h'A1'ETTF:VILLE, A RKA NSAS
By s s) John Todd
Maya
INSTRUCTIONS Publish once a week
for three consecutive weeks in a focal
newspaper with the first publication to
be at least twenty (20) days prior to the
date of ale, Please send a copy of the
first publication to Friday, Eldredge At
Clark. The First National Building,
Twentieth Floor, Little Rack,
Arkansas 73201. and furnish three
proofs of publication after the required
three publications,
The Maya Is authorized to publish
the Notice of Sale and to execute such
writing, and take such action as shall
be incidental or appropriate to Neale
of the bonds and the 'unpkmenatun d
the powers end the accomplishment of
the purposes bend. The successful
bidder for the bands may, subject to
approval of Ube City, name the Trustee
and Paying Agent for the bonds, and
the Board Paying Agent and the
details of the bonds as they are being
issued, such as the purchase price,
mass of interest, denomination, bond
numbers, and annual and semiannual
Principal andInterest requirements.
Section 4. That the bads shall be
executed on behalf of the City by the
Mayor and City Clerk (with the fac-
simile signature of the Mayor and the
manual signature of the City Clerk)
and shall have impressed thereon the
seal of the City. Interest coupon shall
be executed by the facsimile signature
of the Mayor, The facsimile signature
of the Mayor on the bonds and copse
shall have thesame force and effect as
if he had personally signed each of the
bondsandcoupons, .
Section 5. That the bonds and
coupon shall be in substantially the'
fnllowsngform:
UNITED STATES OF AMERICA
STATE OFA RKANSAS
COUNTY OF WASH INGTON
CITY OF FAYL-TFEVILLE
% GENERAL OBLIGATION
IMPROVEMENT BOND
No. _ ' . a
KNOW ALL MEN BY THESE
PRESENTS: -
rTbal the .City- of Fayetteville,
Washington County, Artaans (the
y"), acknowledges itself to owe
to bearer, or if this bond be regstued.
to the registered owner hereof, the
win of
sum DOLLARS in
lawful money of the United States of
America on the first day of January,
and a pay Interest hereon at
fha n
. 1 ,percent
%) per annum from dab until
• paid. Interest is payable semiannually
on January 1 and July I of each year,
commeneag July 1, 1. Payment d
principal, and payment d Interest
whet, evidenced by coupons, shag be
made upon presentation of the bonds
and capo.,s et the principal dike d
.__ _. .:..setts.
g
and numbered from i
ill of like tenor and
a to number,
te Of Interest,
of prior redemp.
e seed for the
g the cant of the
rovemats to the
lion date, and after the date fixed four
redemption each bond so called shall
cease to bar interest, provided funds
for its payment are on deposit with the
Paying Agent at that time. In addition
notice by registered or certified mail
shan be mailed. fifteen n5) days print
to the redemption date, to the
registered owner of each bond
registered as to principal at the ad-
dress of such owner reflected on the
bond registration brok of the Bond
Registrar. and if all outstanding bonds
stall be registered as to principal,
'notice by r':gstered or certified man
to the registered owners thereof shall
be sufficient, and it shall not be
neces:ary to publish notice of the call.
.This bond may be registered as to
principal or as to principal and interest
and may be discharged from such
registration in the manor, with the
—effect and subject to the corns and
conditions endorsed heron. Subject to
the provisions for registration en-
dorsed seseun, nothing contained in
this bond or in the AutMrbino ne.
auame Eau ailed or impair the
,negotiability of this bond and this heed
shall be deemed a negotiable Ii
'strumcnt under the laws or the Sate of
Arkansas and is issued with the intent
that the laws of the Sate of Arkansas
,will govern its ronstruction.
1T IS HEREBY CERTIFIED,
'RECITED AND DECLARED that all
.acs, conditions and things required to
exist, happen and he performed, under
the Constitution and laws of the Stare
b! Arkansas, particularly Amendment
No.13 to the Constitution of the Sate of
'Arkansas, Precedent to and in the
Issuance of (his bond lave existed,
have happened and have been per-
formed in due time, form and manner
as *required by law; that the in-
debtedness represented by this bond
and the Italian of which at forms a part
does net exceed any constitutional or
staWwry limitation: and that a ax
sufficient to pay the hinds and interest
thereon has been duty levied in ac-
cordance with Amendment No. 13 to
the Constitution of the Sate of
Arkansas and made payable annually
until an of the bonds and interest
thereon have been fully paid and
.This bond shall not be valid until it
shall have been authenticated by the
Trustecate hereon duly signed by the
. INte.
IN WITNESS WHEREOF, the City
of s bondArkansas,
vUle, has caused
the bond b beexecuted In Is name by
the facsimile signature of the Maps
the option of the has
the date the moneys
meet debt ser+ice re
bon -b. All such in a
considered a part a
from which madean
charges against,
covenants that a
from the sacrist
:o redempnona- `aaemerrwa, or -•c hank cand,ra'es
Cr re or not to Dab It' having matutny yin,
cal be named to Da bars " roper t r: the h spans
simmens an the W ou whit ester m ns date
dmentt shall be forlach the mtweya will
attamplshins the it
the Bond Fund t.
all earning, ter: � on t!4n u. That the Tnntee sit.
'and al) 1 sine }a1ta..a3. Tale tar tit..._: _
and Trustee . and Paying Ageml
in connection w:U, tla bads as
mature will be used from time to
on each interest payment date, a
to the extent avaiable. for
reumnpimn of Dons prior to maturity,
as set forth in Sections 3 and a hereof.
Section 7. That for the prompt
payment of the bonds, with interest,
the City hereby pledges its full faith.
credit and trims paver, including the
special tax levied in Section 6 of this
Ordinance.
Section 8. That in order to pay the
•. principal of and ant^rest on the banns
as they mature and as they are
redeemed prior to maturity, there are
hereby appropriated (he entire
proceeds of the special tax levied it:
Section 6 hcrrof, a w n the proceeds be
not sufficient to lay the principal of
and interest on the bonds AS they
mature, then there at, hereby All.
proprated sufficient additional funds
out of the general revenues of the City
to accomplish the payment at
maturity.
Section 9. That the bonds shall be
callable for payment prior to maturity
in accordance with the terms set out jr
the bond farm in Section 5 of this
Ordinance.
Section 10, That the Treasurer of the
City is hereby ordered and directed to
pans on deposit with the Payarg
Agent, at least two t2) days before the
maturity date a! any bona or interest
coupon issued hereunder, an amount
from the funds herein appropriated
equal to the amount of such bonds or
coupes, for Use sole purpose of paying
the same, together with the customary
Paying Agent's fee, This instruction W
the Treasurer is irrevahe and may
beentorced by mandamus.
Section U. (a, That if there be any
default in the payment of the principal
of and tterest on any of the bonds, or
if the City defaults in any Hand Fund
requirement or in the performance of
any other covenant contained In this
Ordinance. inn Trustee may, and ups:
in this Ur1h.jj trust The entities
batch are and mthe face of t
not of the I'rne,' citas
he d the City a.
tnate, ti.
not be re1uurs. !,, ke a'." action
Trustee unless 4 -Mall lava
requested to do s In writing by
holders of not less than ten pare(
I10%) in principal amount of the be;.
then Outstanding and sl:all have be
Offered reasonable security and
- demnity against the costs, expens
and liabilities to be incurred therein
thereby, The Trustee may r'sim
`any time by ten (lot days notice
writing to the City Clerk, and t
majority In principal amount of
boldn,of the outstanding bonds at
time. with Cr without cause, In
remove the Trustee. In the event at
vacancy in the oCice of Trustee, eith
by rcstgnatroo a by removal, t.
majority in principal amount of t
holden of the ovlstandir1g bonds m.
appoint a new Trustee, such a
sal signature of the City Clert
the written request of the holders of
a as corporatesal iobeaffaxed and
not kw than ten percent (10%) in
ha_ caused the coupons hereto at-
principal amount of the bonds then
taclied to he executed by the facsimile
outstanding shall, by proper wit
signature of its Mayor, all as of the
compel the performance of the duties
• find day caJanuary, I9%.
of the officials of the City under the
' CITY OF
Constitution and ays of the State of
-
FAYE3TEVILLE,ARKANSAS
Arkansas and under the -Ordnance
By(FacsimlleSigaturel
and protect and enforce the rights of
'. Mayor
ihP bondholders by acceleration, In.
I
"
-
ATTEST: �1 ''
statuting approprate proceedings in
1
law or equity or other action deemed
ours � ',' '.:"'. "•�
necessary or desirable by the
°
(SEAL)
Trustees.
.1
,
---
(b) No holder of any bad shall have''
e ' Dorm of coupon) "• ),J
any right to institute any suit, action,
N s ; ,. (
mandamus or other proceeding in
On the first day of (January) (July),
equity or at law for the protection a
19' the City of Fayetteville,
enforcement of any right under this
Wadimgtan County, Arkansas unless
Ordinance or under the Constitution
the bad to which this coupon sat- and laws of the State of Arkansas ' as I
anted is paid prior thereto, hereby unless such holder previously shall the
.promises to pay to bearer have given to the Trustee written ' amt
") DOLLARS in awful money of _notice of the default on account of .1 any
e Noiled States of America at the which such wit, action or proceeding
pal office'- , being as (6) is to be taken, and unless the holders of, •a'
months interest then due ou its . not less than ten percent (10;5) In : v.Pro°
General Obligation Improvement principal amount of the bonds then" coal
Bond, dated January 1, 1980. and outstanding shall have made written .i•1°
numbered • requestof the Trustee after the right to h -mat
CITYOF �.+ exercise such powers or right of as eta
AVP,TTEVaLE.ARKAhSA5 h .,[inn. n the case may be, shall have
By(Facslmte5'gnamre) accrued, and shall have afforded the `^N
1( ( - Trustee a reasonable opportunity
1 On tech bond shall appear tayor either m proceed to exercise the
Addict powers herein granted or granted by -. t�°°
tot instrument -filed wi:
Clerk. If the m.'.:,..
. n,c ,tor.efl oflh
outstandingcanci bonds slay fail to fill
vacancy within thirty 130) dtye alb
the same shall occur, then the Ca,
shall fnrthwiN designate t a, nee
Trustee by writtenainstrument file
in the office d' too City Cbrt TI
original Trustee and any success* -
Trustee shag file a written acceptanr
and agreement In execute the crisis
imposed upon it or them by this o
cluster. but only upon the terms an
conditions set forth in this Ordinanc
and subject to the provisions of lh
Ordinance, to all of which U
-resptclike holders of the bonds agre
Such written acceptance shall be file
with the City Clerk and a copy there
shall be placed In the bond transcrip
Any succeuore Trustee shall ab
become the Paying Agent and she
have all the powers herein granted I
the original Tnusteeand Paying Agen
Section 14. (a1 Thal the terms of to
Ordinance shall constiti g a cones.
between the City and the holder, ar
registered owners of the bonds and i
variation or change in the underakan
herein set forth shall be made whi'
any of these bond, are austandim;
except as hereinafter set forth •.
subsection (b); and the holder
registered owner of any bonds may:.
any time for and on his awn behalf ,.
for and m lefiaU of all bondholder
atone the abBga liotes of the City by.
4 a.
is need
Arkansas
men --
fl :. Bytsl
Authorized Signature
PIIOVISIONS FOR REGISTRATION
AND RECONVERSION
This Bond may be registered as to
principal sane on (woks of the City,
kept by the Trustee as bond registrar,
upon presentation hereof to the bond
registrar, which shall make mention of
Such registration in the registration
blank below, and this Bond may
thereafter be transferred ony ups, an
assignment duly executed by the
registered owner or his attorney or
legal representative In such farm a
Shag be satisfactory to the bond
registrar, such transfer to be made on
such books andendorsed heseon by the
bond registrar, Such transfer may be
'' to barer, and thereafter tran-
sferability by delivery shall be
restored, but this Bond shall again be
abject to successive registrations and
transfer, as before The principal of
this Bond, it registered, unless
registered to bearer, shall be payable
-r'-" lama necessary Ontv to or upon the order of the
expeaatncldatlthereaandpayang ' registered owner or his legal
.Tbebendaare wing thebonds. representative, Interest accruing on
_ b full issued pursuant Band this Bond will be paid only cn
compliance with
tation and surrerwier of the
- ablution and haws d the Staled ..' attached hed Interest coupons as they
-a•..Artanwa Paztkularly'Amendment , 'f respecnvety become due, and not. -`N sOthe Caatiataondthe. Sated '?l withstanding the registration of ths
A*tnsas, and pursuant to Ordinance •' Band AS to principal, the appurtenant
Write of the City, passed and < interest coupons shall remain payable
F9 • Droned Oro:,, the fA>d a day -.to bearer and shall continue to be
a,Y .. • 19% (ion"••AuUw ' ''transferaisk by delivery; Provided,
liv O°dasaw^), andineladlona h
4 • N which. e l jmity d lha legal ` &hat
time yafg
thereafter while this
' ydars favor
aY voila on the _ ♦Btid k xctered L, Ne tome d the
question voted to vOrd the issuance 'r;,
Dl the bade. Referenced a...... e=owner, else unmatar'd coupons *t. :
of Arkansas, or to instiatesuch action,
suit or proceeding in its name, and
•.i, unless, also, there shall have been
is offered to the Trustee reasonable
security and indemnity against the
3 cat, expenses and liabilities to be
. Incurred thereon or thereby and the
Trustee shall have refused or
neglected to comply with such request
within'a reasonable time, and such
notification, request and offer of in-
demnity are hereby declared In every
such cave, at the optional the Trustee,
to be conditions precedent to the
execution of the powers and mat of
this Ordinance or to any other remedy
hereunder. It is understood and hi -
tended that no one or more holden of
the bonds hereby secured shelf have
any right in any manner whatever by
his or their actions to affect, disturb or
prejudice the security of this Or.
chance. or to enforce any right
or
the terms an
d in thin Sectio:
the holders an,
of not less tha.
cmn (ii%) r
I amount of fur
log shall have the
o time. anythm:
)rdinance to the'
raluYang, altering
to or rescardang, it
iy of the terms o
d in this Ordinnann
'muting Ia an extension of the
ity,d•the principal of or the
floe u. bond issued hereunder
f;ainstruction in the principa,
d'd -any bond or the rate at
it thereon, or (a) the creation or
at spccal W revenues other
be''pkdge treated by this or
Will
or (d) a privilege or priority
bond or bonds over any other
r bonds, or le: a reduction in the
ate principal amount of the
required, (or consent to Solids
mental ordinance L t.
on IS. That the City covenants
shall not take any action or
or permit any action tobe taken
dither to exist which causes or
rose the interest payable on me
to be subject to federal income
Or. Without limiting the
lily of me foregoing, the City
its that the proceeds of the
will not be used directly or in.
y in such manner as to cause the
to be tinted as "arbitrage
within the meaning of Section
1951,asa mended.
• Section 16. That the provisions ad
this Ordinance are separable and in
the event that any section or part
hereof shall be held to be invalid, such
Invalidity shall not affect the
remainder of Nis ordinance,
maintained In the manner herein Section l7. That all ordinances am
provided and for the benefit of all 1 resolutions and parts thereof in corn.
holders of the outstanding bonds and ' ffict herewith are hereby repealed to
coupons, and Nat any individual rights theextent of such conflict.
of action orother right given toone or Section It That thisOrdinance
more of well holden by law am not create any right of any character
All rights of action
tact or under any a
secured here!
Trustee, may I
the possession
or
ce to the •and no right of any character shat.
rovided. '4.arise under or pursuant to it until tht
seder this bonds authorized by this Ordinanet
the lands shall be issued and delivered.
e by the -' Section 19. That it is herebi
itwitirout ascertained and declared that Ihr
( any of the bads or ' improvements to be linanecd by ton
Rrag theretoand ray vI.bonds authorized hereby are an
in or proceeding In- . medatey nestled U the City e Ht pia.
e trustee sill be . j' Is to meet the medical and nursing
me and for Ube bene1LL needs of the Inhabitants of the City
rte of the bade and The Improvements cannot be matte
Ito the prwswns .OfwRDaut the issuance of these ands.
?. r '. " ttm
andthaefae. It is declared that an
ly bereto conferred emegeny exists and this Ordinance
I to the Task. Orb beingoeary for UaDreservation of
e bond. IA intended to.*'e Me Public peace, health and salit)
any other remedy or't elan be in fans and ale effect im,
provided: and eseLY malbrwb,nla.i Mo('nr i,e n,.auw
9r Some p,r•na a�ineyare UeaB
sign.uue of is Mayor. all as
.. F 'teed ri Rof !f •atPb s. tirst day of January 1911). OF
9•Aseae i'Ma •.. raw M Warmdenomination.
numbers'ird Interest raqubcmelbwi PAVER calm
I arid EATLLE. ARKANSAS
yf,T gMerrr ieosa grttilsal t the bonds shoe be n 1 BY (F lie Sgn.brc!
.sw�leealMltld at / 1 .'cued tut bdaaa of the CRY by the Mayor
AT7T5'Y:
" '.serape and City Clerk (with the fee -
City .
T vfa.a a- elmee aiglsaatu of the a Mayor and the ) (SEAL) Clerk
e�al Otoads I be a -
an have of tie City on Clerk)
'iB� t No. u b tM and shall have impressedtethereon the
ml of the City. Interest Coupons snag (form ofcoupon)
oad Bra5tab MArkarcat be executed by the facsimile sign. tuft No. $
da sum he dated January t' of the Mayor. The facsimile signature
asst will ba payable July 1. of the Mayor on Use bads andcoapw On the first day of (January I (July),
aemranaUY thereafter an shall have tesame force and effect as 19•
the City ofFsas.0 tale.
W
and July1 of each year. The it he had perisatialy Signedeach of the Washington county. Arkansas, unless
mature on January I of each Dada and coupons. the band to which this coupon u al.
110w$ (but shallbesubject to Section 5. That the bonds and ached is paid prior thereto, hereby
m prior to maturity as coupons shall be In substantially the promises to pay to bearer
•rrtforthl: fneowing/orm: DOLLARS in lawful money of
.............AMOUNT the United States of America at the
[ 56,oM ' UNITEDSTATESOFAMERICA principal office ' ,being SIX (6)
,0.000 STATEOFA:IKANSAS months interest then due on its
• 4O, COUNTYOFWASHINGTON General Obligation Improvement
a,oho CRYOFFAYETTEVILLE Bond, dated January 1, 1990, and
6,03 % GENERAI.OBLIGATION .nu�mybered
50.000 LNPROVEMENTBOND v=- 4, aP• CITYOF
S5,ow No. .� FAYETTEVILLE. ARKANSAS
-.-- --• THESE By(F'aastmaeSignature)
so,30 PRESENTS: ,. I Mayor
ss,am That the City d Fayetteville. '1 On each bond shall appear the
M.000 Washington County, Arkansas (the i
70,000 •City"), acknowledge Itself owe ' b . following:
t CERTIFICATE
of me officals of the City under me
Constitution and Lsys W the Slate of
USArkansas ' and under tOrdinate
and protect and enforce the right1 of
the botbdders by acceleration, in-
stituting appropriate proceedings. in
law or equity or other action deemed
necessary or desirable by the
Trustees.
(lei NO holder of any bold shall have
any right to institute any suit, action,
mandamus or other proceeding in
equity or at law for the protection or
enforcement of any right under this
Ordinance or under the Constitution
and laws of the State of Arkansas
such ch holder previously shall
have given b the Trustee written
notice of the default i account of
which such wit, action or proceeding
is to be taken, and unless the holders of
not less than ten percent (10':) in
principal amount of the bonds then
outstanding shall have made written
request of the Trustee after the right to
exercise such poem or right d ac-
tion, as the case may be. Mal have
accrued, and shall have afforded the
Trustee a reasonable opportunity
either b proceed to exercise the
75,000
andforvalue reeerved Promises opay
I This is to certify that this is One Of
suit or proceeding in au name,
10.000
to bearer. orB thishoed beregistered -
the City of Fayetteville, Arkansas
., unless, also, there shall have I
ES,30
to the registered owner hereof' led
General Obligation Improvement
. offered to the Trustee reason
90.000
sum of DOLLARS in
sands, dated January 1, )900, men-`
security and Indemnity against
95OM
awful money of the States of
tinned and describedwithin.
. I cost, expenses and liabilities If
Ito.=
day of
. America on the first day of January.
TRUSTEE
incurred thereon or thereby and
110,000
, and to pay Interest hereon at
1 By(a)
Trustee 'shall have refused
Its.=
the rate of percent
I Authorized 5ignabrre
neglected to comply with such roc
ce of the bads was approved
1 %) per annum from date until
within• a reasonable time, and
etlon of the City at a specml
Pald. Inbml'e payable semiannually
PROVISIONS FOR REGISTRATION
notification. request and offer o
The bonds are being issued
on January I and July I of each year.
AND RECONVERSION
damnify are hereby declared Inc
urpae of financing the cat to
commencing July 1. 1900. Payment of
This Bond may be registered as to
each case, at the option Of the Tire
of contracting Improvements
principal, and payment ot, interest
rincipal alone on books of the City .
to be conditions precedent a
ty's Rowital.
when evidenced by coupons, shall be,
kept by the Trustee as bond registrar,
execution of the powers and W
ends are general oblijatbnn d
made upon presentation of the bonds i
upnn presentation hereof to the bond
this Ordinance or to any other rat
and the City pledges to the
and coupons at the principal ot(ic Ito
registrar, which shall make mention of
hereunder. It is understood an
t of the bonds its full
(the
• -Agent" ).
Wch registration in the registration
tended that no one or mom holds
sdte
and taxing power inehM6a[
9Ynd<e" and
is & below and this Bond may
the bonds hereby secured shall
enforce me ubligttis:o of the Qty oy
proper suitor that purpose.
- (b) Sab;ert to the tuns an
prorisi eoobined in this Sect➢
and not otherwise. the holders at
registered owners of not less th:
heventvfive percent
.,-,..t. .J..;,l nmrunt of t
17
as shall he nnessary or acsuaow nn
the purpse of moddyii1 , altering.
amending, adding to m' rescinding, in
any particular, any of file terms or
s. provisions contained a this Ordinanre
Or In any supplemental ordinance;
provided, however, that nothing herein
contained thW permit or be construed
as permitting (a) an exbadun of the
maturity of the principal of or the
interest on any bad issued hereunder,
• a (b) a reduction in the principal
amount of any bond or the rate of
interest thereon, or ( c) the creation of
pledge of spccal tax revenues other
a amen Ne,pkdae created by this Or
- dinate. or td) a prlvrege or priority
of any bad or bonds over any other
bond or bonds, or (e) a reduction in the
ate rinci •1 amtuN d
ten 7
agDeg P pa the
: bonds required, (or cowers to Such
'tNe ' .
supplementalordinance. r: -
be
Section Is. That the City covenasb
the
that it shall not take any action or
suffer or permit any action b be taken
or.
rest
or condition to exist which cause or
uch •
may cause the Interest payable on Mr
bonds to be subject to federdtaae n.
M.
.cry.
taxation. Without . Iimilieg the
of the foregoing• Ilya
geniality Cgy
thWe.
covenants that: the pmaeds et so
, _r
bonds will not tie:nud dbeedy or in,
of bonds"
IM (c)
arly collections ola Continuing Payment of interest when regslered b I
specal lea of two mills (the alto Interest shall be by check or draft thereafter be translated only upon an any right in any manner whatever by
mailed to the registered owner it his : - assignment duly executed by the his or their action to affect, disturb or
i tax on the assessedutratbn registered owner or his attorney or
in of all the taxable real and address reflected on the r e8 re resenative In wch form as
,Iproperty. ill be in led City. book of the City maintained by the' shall P
TmsleeasBosd Registrar. Shelf be satisfactory b the bond
son p will he subject b - •tub isOne d w issue of bonds;. M1'' uch tranufer lobe made an
�tfon prior b maturity (moo- ese $ dated webbOoks and endorsed hereon by the
from surplus tax Optional
from
January 1, 193, and numbered from 1 ' ' bond registrar. Such transfer may be
d below) and optional from , to Inclustve,ahlofliketenorand • b bearer, and thereafter Iran-
ourcer)-in inverse numerical effect except as to number, - . slenbinly by delivery shall be
it a price of par and accrued restored, but this Bond shall again be
temsuws: devominetion, rate of interest. 'c, wbfrctbwccessive registrations and
root on any mere t p of the maturity and right of pr br rcdemp transfers as before. The principal of
tax on any interest payment lion. The bonds are named for the this Bond. a registered, unless
:purpose of floating the ens, of the registered to beater, shall be payable
'nom funds from any savtw an• construction of improvements to the
only to or n the order of the
anal paymevtdaleoncodsitar City, sIn iden, paying necpaazyying registered owner or his legal
y 1,1965. -. ... - extheexpe iesMensuing the boss. inB representative. Interest accruing an
,mount of the intery IPaymend Neeapenses olusuinBNetwnlds. +, this Bond will be paid only on
ale 1, 193. January 1, 1961 and Thebonds am issued with tht band presentation and surrender of the
1981) will be provided for from in full end laws with the Cory attached interest coupons as they
seeds of the sale of the bounds. sti0alion and laws of the State of - respectively become due, and not-
.ty reserves the right b flan. Arkansas, Particularly Amendment - withstanding Me registration of this
me bonds proceeds in that No. 10 b Ue Constitution of the Stale of L. Bond as b principal, the appurtenant
I from the flat available Arkansas. and pursuant to ordinance interest coupons shall remain payable
ionsofthe speeWtax. -I No. of the City, passed. and I to bearer and shall continue to be
City will covenant that, iubkd approved on the - . day , I ; transferable by delivery; provided,
conditions set forth bean of ;•193 (the "Authorizing
y. that if upon registration of this Bond;.
Is lea collections, being at which "),andaneladithe hdd • tryst any time thereafter while this
ions from the special tai In • at which the majority of the legal - �,d is registered in the name of the
of the amount necessary to • voters of the City voting on the .. owner, the unmentured coupons u1e
the prompt payment of the tpeshose voted in favor of the issuance
tachad evidencing hereon
shall to be
lal ig interest f on. and trustee's to
bonds. Authorizing ReizO is nce oY Nmafter aid hereon be
tying nds a s fee in evrbec me made ta Use nOrdinance for paid
u bonds df the same become the details of the of fure and extent and - - surrendered to said band will
ben, .
the security and the rights naild he to that effect be enrar
nternt edfrom Umebtime ontydomed hereon by the bond registrar
Merest payment date, as led t. ' red mist of the e and the holders and thereafter interest evidenced by
meat available, to redeem maturity.
snd bond, redare owners of the bonds. stjch surrendered awpcn maybe Paid
all hard$ prior to nafu lly- : The bonds are general proceds of •
by check or draft of the bond registrar
will be such mandatory the continuing
payable rom the proceeds of :.
tplrnt to the astral that the LOU' a etennuing annual two' met special at the etimes providedthis bend the
st ant to the City for the period • ax (the under
the"special ui') levied by the "",. to the owner of wond by the
City under the authority of Amend- - to the" address shown on the
projected payout an the basis ofen registration book[. This Bond when so
at cost call does not exceed the matt No.UbUle ConstitutionheCiyhereof by
st east that wouki
per result from an State of Arkansas, and the City hereby converted n re into a coupon bond at the
its full faith, credit and taxing written request of the registered owner
st rate of 4% per annum for the pledges for - and upon presentation at the office of
I of the projected payout on the power. including the special tax, said bond registrar. Upon such
y received by the City. In NThe bonds
are subject
bad. reconversion the coupons representing
moving the extent of such The bonds are subject b redemption the interest to become due thereafter
.eery redemption. that collections
it will be prior to maturity (mandatory from to the date of maturity will again be
reed Ill that Collections of he surplus tax al Irons
nedsour below, attached to this Bond and a statement
al tax will be at the rate of esIX%.d and optional from other sources) price
in will be endorsed hereon by the bond
hat the Same 119191 ) teased inverse numerical order at a Price of .4, registrar in the registration blank
,Uon will leverne and convey theioIt pate SUr iltteostasfoeows: - . below whether it is then registered as
islet added by the conversion (1) From suryhs collections of the •
mDrincipal or payable to bearer.
nuts interest. Redemption on special ax on any interest payment r .
est payment data from surplus data; %. Z .) Date of
oi
collections in excess of such (2) From funds from any sree on - - Registration
latory redemption will be op any in''mt payment date on and after _r' ,;,, ...:.
d Usher Ne aw however, all JanuaryL 1985. ` Nameof '
ctto n O( Ue sprcul ax must be Tbe amount of Ibe Interest payments : R utered Owner s ` r !.v
Ion paymentofdeatserv'seon Ne (due July 1, 193, January I. 1901and
s at maturity or redemption prim July I. 1991) will be provided for from d (7s !'
aturity and can be used (or t the proceeds of the sale of the bonds ' ' „ Manner of
u• Registration '*:
r purpose. The City reserves the right to �11W.{/*`N 6
be per tat and dual eopuons will Dune the bend proceeds in that A '. - SVI
be permitted, act the purchaser amount from the first available S AP" Bond Registrar
I have the privilege of converting collections of the special tax.
s to an issue bearing a lower The City covenants that, subject to
wadSection 6. That in order to y the
or rates of interest, with any the conditions set forth below, surplus pay
as they mature, with Interest
'ersion to be upon such terms that tax collections, being collections from (thereon, then u hereby levied upon a6
City receive t less and pay no thespecaa lxinexcessoftheamount _ ,taxable real and personal property
a Nan It would receive and pay a neceuary to insure the prompt within the city a continuing annual
bonds were not converted, to be payment of the principal of, interest special tax of two milt (the "special
act to the approval of the Cey's on. and trustee's and paying agent's tax") on each dollar of assessed
rdof Director ,and tobe subject b fees In connection with the bonds as (valuation to be collected annually as
buowineardttions: the same become due, must be used long as may be necessary to pay the
Any g venlon $hall be In w• from time to note on each Interest . principal : of, interest no and Trustee's
t'on payment dale. as and b the extent
dance wan flue Universal Bond - avaeabk. - to rMrem oustandag ' end paying Agent's fees in connection
tors e i es: •-. bonds prior to maturity. There will be - with the bonds. The City Clerk is
-. Tea average maturities may rot • such mandatory redempuon to the 'directed to transmit a copy of this
sherbrteOey more thanes months: 'cite IBw tlbe total mterevtmut to the _ Ordinance to the County Clerk of
1 The difference between the City for the period of the prolected ' 'Washington County. Arkansas, to the
these rate of Interest and the lowest
a of interest in the converted
payout on the besd of tM matdatay a '. end that the special ax may be my
nodule may notes _, call don not exceed the inlemi cat ' tended on the tax books of the County
I. The diff aer that would result from an interestflu.a ,. and collected
a Ne emds ngrd loth ith the
est
J and the loowe�st hie eon the rate _ of je per annum Ion the periodofthe, �„ are paid in full or until
e car a,ted ac M interest in led paY0°t on
schedule projected m B andat ry adrgaa1 provision Is made for their
•ad t parcel: at niay not ex- repelvex by the Clry Payment. The City covenants and
9 All bonds tiiaMta a the extent of such mend!left agrees Mal so of Me revenues from
9 the Sama redemvdan.aw•dl ae!alssumed 1p all .r t rsDerulbllax shall e placed In a
sit snag but the tame ate d b• ceilecliais of Ile $Dec rand deslaaated •'19w General eal. the rated 13%, till that the xatrc
F ran Oldder sha8 specay one plus
us 119x9) asseaed vaWalion pN tmbWe ._ ` lDll[atit IMPMC rsem Boon Fund"
utrreal. No OM of leas than par p ... and (5) that the principal added by the•' I Be "Bosd Fluid"), fa a bank or banks
ccrutl Interest will be entertained. 'eonversleo constitutes ,iaterfl6;; dpigiwtd from time to time by the
N award, a made, will be to the Redemption on interest paYtaddates .-• Pty holding niemoerWy to W
Inner. whose bid wroth a us. lowest1 • Depsa taeursry Ca•
N d bye cost ta the Call deter. from surplus lax red mptihwjl lea•` to lint and used Solely for the
the byts ling ate teal Interest of such mandatory law. hooeves. Sit. a m Ot O1 the prncipal ot. intervalon
.1 the rate bid from Me date Of the cotional. Under the tow, hooww'es bey% P Y ustcel and Paying Agent's 1.g
ales to maturity and deduct collections of the special tax mar . end C bon b' The
ins .nn.�at.. a.v,n,.nr or debt service an the - ,jn.. connection with w .
prejudice the security of this Or-
the ere
dinance. or to enforce any right
_ hereofe
hereunder except in the manner herein
invalmi
provided, that all proceedings at law
remain,
or inequity shall be instituted, had and
Seetk
maintained in the manner hereof
(eseluti
and for the benefit of all
..
flint he,
Bprovided
olden of the outstanding bonds and
theehe
coupons, and that any individual rights
Secltl
of action or other right given to one or
.- sot Can
more of such hoiden by law are
and an
restricted by this Ordinance to the
arise u
f has andremedles herein provided.
r b
Cc) All rights of action under this
bonds also,
shall beuw
Ordinance or under any of the bond.
Section
secured hereby. enforceable by the
ascertained
. Truslce, may heenforced by it wthout
,unpractical
the possession of any of the bonds or
bends out'
coupons appertaining thereto, and any
mediates r
wch suU, action or prtecdbg in-
e
u b meet
stituted by the Trustee shall be
U
a
' • brought in itsnan a and for the becefit
needs
of all the holden of the buds and
The Lmf
coupons, subject to the provisions of
without tie
and, thenel
thisordinance.
(d) NO remedy herein conferred
emergency
-upon or reserved b the Trustee or to
. being necc.
the boldera of the bonds is intended to
tlhe-shall
be exclusive of any other remedyfw
heir
remedies herein provided, and
medi bly
and every such remedy shall be
w, PASSED
'cumulative and shall be In addition to
;.
.
every other remedy given hereunder
orgiven by any law tar by Rae ten.
y .:..
,
stitutioaofthesbbdArkansaa.. - .-
jr• ATTEST:
- Be
_.: ae...I.o
• (et No delay or omission of
• - Tnlstee or of any holden of the bonds t
to exercise any right m power accrued
upon any default shall impair any sudli
right or power or shall be construed to 'p;
be a waiver of any such default or an
acquiescence therein, and every power
and remedy given by this Ordinate to.
the trustee and to the holders of the
bonds, respectively, may be exercised
from time b time and as often as easy
bedeemedexpedient r+-, (• I) The Trustee may, and open Ibe;as
written request of the holden d noty_.'
' lea than ten percent 110%) In Prin-iy,
'' cipal amount of the bonds then
standing may. waive ai�ryry larismry
which shall have been revedied belare
the entry at Mal judgment a dl$ b-
in any wit, action Or supoas s this
strained under the Prov
5.4 ii V. Ordinance or before the comPlrban d
but t such `other existing a any
affect ap
+.hapair nt right( or defamlb AT
}..squab any n2Ab ar rnnedw eeo-
:1 Section
ram. •
= herein
lout That beeaeale shave
- beeniIn uased be executed have
been executed nd by al Mayor Cit City
-Clerk and e seal aloe they shall .
ira-
as herein Prnv' which
e delivered b the Trustee,
shall to the picas them ale deliver
them to the purchaser upon payment
in cash of the purchase price pas
accrued interest from January 1, 1900
teal sale p provide
'). The am
necessary to provide for the payment
of interest on the bonds unitlaOlkc
tions of the special ax are available
shelf be deamited in the Band Fund'
a bank sun tt a member of tile renera,
Deposit Insurance Corporation. The'
morays in the Construction Fund shall
r be, used for accomplishing the In';
.,provemenb, payog -expe ses tn-
ll�eridenal thereto and paying the a-
Penes of issuing the bonds, with any
unexpended balance to be deposited In
the Bond Fund. J^R
• Moneys an deposit b' the COu-.
etrucUon Fund in excess of the amnum
insured by the Federal Deposit-Iff-
.. surance Corpmatioo-.must be"con'
tenuously secured by burls or other
.. - direct or fully guaranteed obegatrom
I tc7